The bank closings erased many uninsured depositors' and bond
owners' savings, much of which belonged to working class
citizens' retirement funds. There are 88,000 depositors and
bank bond owners with funds exceeding the 50 million won
(~$43,000) Korean Deposit Insurance Corporation's(KDIC) personal
deposit insurance maximum, totaling to a combined loss of $857
million.

With failing banks and numerous arrests, a total of four bank
executives have committed suicide. All four did so while
being summoned by prosecutors.

In September of 2011, the president of Jeil 2 Savings Bank,
jumped from his Seoul office building six stories to his
death.

A 50-year-old credit officer for Tomato 2 Savings Bank hung
himself after being summoned by prosecutors in November.

The chairman on Ace Mutual Savings Bank was found dead in
January in a Seoul hotel room before he was supposed to be
questioned for allegations of illicit lending and accounting
fraud.

The situation in South Korea
could continue its downward spiral, especially
since dramatically fewer South Koreans are willing to
deposit their funds in savings banks or risk-seeking enough to
purchase bank issued bonds.